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How are days late determined? (30/60/90/120)

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Anonymous
Not applicable

How are days late determined? (30/60/90/120)

I have a Chase credit card listed on the CRAs with late payments.  I paid it off January 2005.  I know I was paying late during that particular time, but I honestly can not imagine that I just flat didn't pay my bill at all for 90 or 120 days...I would think this is really dinging my score.  Can anyone explain just how those 30/60/90/120 days late are determined?  Is it NO payment at all for that long?  Is it a partial payment, but not currently the entire amount owed back to that due date?  I wanted to get some information before I started digging into my records to see if I could figure it out.   I did send my first GW request, so hoping that will work..but if not I wasn't sure A. How those dates are determined and then B. what would I ask the OC for, record wise in order to figure out if this is accurate.

 

Thanks in advance for any help!! 

Message 1 of 4
3 REPLIES 3
llecs
Moderator Emeritus

Re: How are days late determined? (30/60/90/120)

You can get dinged for a partial payment. For example, if you owe $300 but only send in $200, then you could get hit with a late. If a new balance exceeds the amount you pay the following month, then the process repeats.
Message 2 of 4
marty56
Super Contributor

Re: How are days late determined? (30/60/90/120)


@llecs wrote:
You can get dinged for a partial payment. For example, if you owe $300 but only send in $200, then you could get hit with a late. If a new balance exceeds the amount you pay the following month, then the process repeats.

30 days late 1 time (Nov 2004)

60 days late 2 times (Jan 2005, Dec 2004)

90+ days late 7 times (Aug 2005, Jul 2005, Jun 2005, May 2005, Apr 2005, Mar 2005, Feb 2005)

 

All as the result of BofA kicking my acoount out of DMP and raising the minimum payment.

 

You better believe they will mark partial payments the same as no payment.

1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 3 of 4
RobertEG
Legendary Contributor

Re: How are days late determined? (30/60/90/120)

Lates are based on the minimum due and the date due set forth in the last statement.  Take the statement date, add 30 days to the due date, and make sure to pay at least the min before that date.

Technically, being late only one day after the due date violates your Terms of Agreement (TOA) with the CCC, and subjects you to rate increases, late fees, or even termination of your account. 

But a CCC cant report a 30-day late to the CRAs until the account is not brought back into good standing within 30 days after the billing due date, so for CRA purposes only, you have what amounts to a 30-day grace period before they post a derog.

Partial payments that are less than the min. due do not change the fact that the account does not meet the TOA, and thus subsequent 60/90+ lates can be reported up until the time the account TOA terms are met, and the account is in "good standing/paid as agreed."

60+ day lates are major derogs.  That is any account that has not paid at least the total minimum due within 60+ days after the first billing due date that was not satisfied under the TOA.

 

Message 4 of 4
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